FOR IMMEDIATE RELEASE
Company
Contact:
Investor Relations
Paul A. Brown, M.D, Founder & Chairman
Scott Liolios or Ron Both
Stephen J. Hansbrough, President & CEO Liolios Group, Inc.
HearUSA, Inc info@liolios.com
(561) 478-8770
(949) 574-3860
HearUSA Enters Charlotte North
West Palm
Beach, Fla. -- November 28, 2007 -- HearUSA, Inc. (AMEX: EAR), a leading provider of hearing care through
a fully integrated and professionally accredited system of hearing care
centers, has acquired two private practices in Charlotte, North Carolina with
combined estimated trailing twelve-month ("TTM") revenues of $2.4
million. Each of these practices has been operating under single ownership for
more than 14 years.
This raised the
total amount of TTM revenue represented by [WINDOWS-1252?]HearUSA’s
acquisitions this year to $11.2 million. The company currently has eight
letters of intent for acquisitions representing an additional estimated $3.5
million in TTM revenues.
“These latest acquisitions
are significant for HearUSA because we are entering an entirely new geographic
[WINDOWS-1252?]territory,” said Stephen J. Hansbrough,
president and CEO. [WINDOWS-1252?]“The area offers
tremendous opportunities for both organic growth and acquisitions. To expand
our services in this new market, we are planning to establish a new major
diagnostic hearing care center and an onsite nursing home program, as well as
make further acquisitions in [WINDOWS-1252?]2008.”
A combination of
healthy organic growth and a successful acquisition program led to a record
recent quarter for both revenues and income for HearUSA. In the third quarter
ending September 29, 2007, the [WINDOWS-1252?]company’s
net revenues reached a record $26.9 million, an increase of 22% over the same
quarter a year ago, with $488,000 in net income.
About HearUSA
HearUSA, Inc.
provides hearing care to patients primarily through more than 175 company-owned
hearing care centers, which offer a complete range of quality hearing aids with
an emphasis on the latest digital technology. HearUSA Centers are located in